The entire mortgage process has several parts, including getting pre-approved, getting the home appraised, and getting the actual loan. In a normal market, this process takes about 30 days on average, says Fite. During high-volume months, it can take longer—an average of 45 to 60 days, depending on the lender. If the lender uncovers any financial issues in your record (e.g., a low credit score, previous foreclosure, or overwhelming debt), getting a mortgage can become a slower and more complicated process.
Don’t wait until you’ve found the perfect home in order to start the mortgage process. The time to start is as soon as you start thinking you might want to buy a property.
Many sellers will require that buyers get pre-approved for a mortgage before they will accept an offer. This involves the lender checking your credit rating, debt-to-income ratio, and other financial information. Depending on your circumstances (self-employed, temporary visa, previous bankruptcy, etc.), this can take anywhere from one week to several months. Once you’re approved, the lender will provide a letter stating the amount of money you’re approved for, then you can get to home shopping.